Areon Network Integrates Chainlink Price Feeds to Help Secure Price Feeds
We’re excited to announce that Areon Network — The most comprehensive #Layer1 project crypto has ever seen. Proof of Area Algorithm — has integrated Chainlink Data Feeds on Binance Smart Chain mainnet. By integrating the industry-leading decentralized oracle network, Areon Network has access to high-quality, tamper-proof price feeds needed to used to give the most accurate and up-to-date price of our own token on our website. This will provide our users with stronger assurances that options are priced and settled using fair-market spot prices that have been sourced in a transparent and decentralized manner.
Our initial integration involves the use of the following Chainlink Price Feeds: BNB/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
What makes Areon more reliable and sustainable is its unique verification algorithm, Proof of Area. It is a future-proof, fast, and secure system, combining certain elements of Proof of Stake and Proof of Work. Proof of Area boasts the transaction security of Proof of Work and the transaction cost reduction trait of Proof of Stake.
In order to help secure the accuracy of the BNB/USD price is guaranteed by this service. We needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
● High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
● Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
● Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
● Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
“Chainlink services offer a wide scope. We chose Chainlink to speed up the process and provide reliable resources by making use of these in the projects we are under development. When the projects and products resulting from these developments are presented to our users; Factors such as the reliability of Chainlink and the consistency of the service it provides will enable us to receive positive feedback from our users. For example; We use this service in order to give the most accurate price by minimizing the price difference.” –<Umur Ince CEO of Areon Network>
About Chainlink
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Areon Network
The most comprehensive #Layer1 project crypto has ever seen. Proof of Area Algorithm!
Areon network aims to establish a fast, secure, and unique platform that combines the best services of the blockchain ecosystem. With #AREA, Metaverse, Areon NFTs, Areon Endless Adventure, Areon Scan, Areon Wallet, and Areon Chain, the Areon Network will be the key to change in the crypto ecosystem.
Learn more about Areon Network by visiting areon.network
